USD/JPY: Japanese Yen trading on a stronger footing this morning


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 113.15.

In the Asian session, at GMT0400, the pair is trading at 112.63, with the USD trading 0.46% lower against the JPY from yesterday’s close.

The Japanese Yen gained ground against the USD, after the Bank of Japan (BoJ) reduced the amount of its buying in Japanese government bonds, thus sparking speculation about a future exit from its massive stimulus policy.

Early morning data showed that Japan’s consumer confidence index unexpectedly eased to a level of 44.7 in December, compared to a reading of 44.9 in the prior month and defying market consensus for an increase to a level of 45.0.

The pair is expected to find support at 112.29, and a fall through could take it to the next support level of 111.95. The pair is expected to find its first resistance at 113.18, and a rise through could take it to the next resistance level of 113.73.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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